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BRS stock crashing

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BRS stock crashing

Old 21st Apr 2019, 23:50
  #221 (permalink)  
 
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SASless, your spot on, ALL big companies are over run with HR, S&Q, QA etc etc etc. They contribute very little but hinder an awful lot and the bigger the company, the more Senior VP's, VP's, Deputy VP's, assistant VP's that all need bonuses, medical insurance, pensions then get business class travel, bigger hotel rooms and company credit cards dragging the company down giving bigger overheads and the company ends up with a higher operating cost when it's time to bid for work.

Ohh, and they are ALL out of touch with what the company really does to earn a crust to pay there salary and bonuses, medical insurance pensions etc etc.
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Old 22nd Apr 2019, 08:45
  #222 (permalink)  
 
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Old 22nd Apr 2019, 12:26
  #223 (permalink)  
 
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Old 22nd Apr 2019, 13:43
  #224 (permalink)  
 
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@ Barbados Sky

Jon Thomas 1 and Jon Thomas 2, I nearly spat out my coffee!
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Old 22nd Apr 2019, 18:54
  #225 (permalink)  
 
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I nearly slipped up and read the tee shirt thinking it was a "W" instead of a "B" but then I put my Specs on and saw it was a misprint and was in fact a "B".
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Old 22nd Apr 2019, 22:42
  #226 (permalink)  
 
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Thank you so much for your efforts barbados sky but actually I think that the Bristow website piece about Don Miller says it all. To those whose life's work is gambling with other peoples money and asset stripping national treasures, Don probably looks like he's had a gold plated platinum career. What those blood suckers don't realise is that whoever wrote that makes him look like a complete tosser to real people who have to get in their aircraft, make stuff work, or fly the things.
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Old 24th Apr 2019, 14:17
  #227 (permalink)  
 
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...well today sees a further development in the saga with the investor relations page showing a submission by a major investor slating the current management including:
"GVIC believes recent events represent the culmination of years of mismanagement, poor strategic decisions, weak oversight, and reckless execution by Bristow’s board. It is GVIC’s opinion that the board has been entirely ineffective in delivering value to shareholders and has repeatedly neglected its core duty – to protect shareholders’ interests. It has overseen the severe deterioration of Bristow’s financial and operational position over several years and in the process threatened permanent impairment to Bristow’s shareholders, bondholders, employees, customers, vendors, partners, and the company’s reputation as a preeminent provider of industrial aviation services. GVIC has made numerous attempts to engage constructively with Bristow’s management and board to improve Bristow for the benefit of all stakeholders. Since November 2018, GVIC has sent six letters and made numerous requests to discuss Bristow’s operational and financial performance. Bristow has repeatedly ignored these communications, including offers to assist. In recent days, it has become clear that Bristow may seek a restructuring through a Chapter 11 process. To be clear, such a restructuring would be the wrong decision for Bristow."

Good luck to GVIC!
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Old 24th Apr 2019, 14:18
  #228 (permalink)  
 
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More extracts:
"OPERATIONAL BLUNDERS
In parallel with declining operating results and worrying balance sheet developments, Bristow’s management has been unable to implement necessary operational improvements. For example, from March 31, 2015 to December 31, 2018: - Helicopter fleet size as measured by large aircraft equivalent (LACE, a capacity-weighted measurement), remained unchanged at 167, with only minor interim fluctuations. - TTM operating expenses decreased only modestly, from $1,667.80 million on March 31, 2015 to $1,450.23 million on December 31, 2018 (-13.0%). - Bristow has projected its two fixed-wing airlines to be unprofitable on an adjusted EBITDA basis in fiscal year 2019 (which ended on March 31, 2019). - Since mid-2016, Bristow’s owned fleet of 16 model H225 helicopters has not operated commercially, following the fatal crash of another company’s helicopter of the same model. There has been no apparent effort to divest this fleet. To emphasize: it is GVIC’s opinion that even in the face of stunning declines in revenue, operating income and adjusted EBITDA, Bristow’s board failed to take even the most basic steps to rein in operating expenses or eliminate unprofitable or idled operations. The precipitous decline in the price of the common stock is a scathing indictment of the board’s inability to guide Bristow’s corporate strategy in a manner even remotely beneficial to shareholders.

CHAIN OF BAD DECISIONS
Rather than undertake the difficult and diligent work necessary to improve Bristow’s business and balance sheet, on November 9, 2018, Bristow’s board approved a self-described “transformational” acquisition of Columbia Helicopters, Inc. (“Columbia”) for $560 million. Bristow proposed funding the acquisition through the issuance of a bridge loan (with a rate of LIBOR plus 8.0%), a convertible note (converting into approximately 26.2 million newly issued shares of common stock), and the issuance of an additional 7.1 million shares of common stock – an inexplicably expensive financing package. The Columbia acquisition ultimately would have diluted existing Bristow shareholders by approximately 93%. GVIC opposed the acquisition, issuing a public letter on January 8, 2019 following repeated efforts to engage with Bristow’s board. Fortunately, Bristow and Columbia terminated the acquisition on February 11, 2019; however, the termination resulted in Bristow paying a $20 million termination fee to Columbia. In the midst of a deteriorating financial situation, and on the heels of terminating the Columbia acquisition, Bristow announced that it was unable to file its Form 10-Q for the quarter ended December 31, 2018 in a timely manner and further identified a material weakness in internal controls over financial reporting. Despite this announcement, on March 1, 2019, Bristow’s board promoted the CFO, L. Don Miller, to the position of CEO, filling a vacancy created by the departure of former CEO Jonathan Baliff. It is GVIC’s firm opinion that the hasty promotion of a senior executive who was intimately involved in Bristow’s failed financial undertakings is a testament to the poor business judgement and sense of timing demonstrated by Bristow’s directors."
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Old 24th Apr 2019, 16:32
  #229 (permalink)  
 
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Originally Posted by Miles Gustaph View Post
...Despite this announcement, on March 1, 2019, Bristow’s board promoted the CFO, L. Don Miller, to the position of CEO, filling a vacancy created by the departure of former CEO Jonathan Baliff. It is GVIC’s firm opinion that the hasty promotion of a senior executive who was intimately involved in Bristow’s failed financial undertakings is a testament to the poor business judgement and sense of timing demonstrated by Bristow’s directors."
A bit harsh. They failed to take into account that L. Don Miller is also the Chief Captain, and Chief Banker, and thus represents a significantly better value proposition to the Company as CEO than the previous incumbent.

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Old 25th Apr 2019, 01:42
  #230 (permalink)  
 
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i saw BA blew $850m on fuel hedging, management eh?
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Old 25th Apr 2019, 02:55
  #231 (permalink)  
 
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Originally Posted by AnFI View Post
i saw BA blew $850m on fuel hedging, management eh?
not as bad as Cathay’s fuel hedging
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Old 25th Apr 2019, 03:13
  #232 (permalink)  
 
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Yeah. Cathay Pacific blew billions of dollars on a bad fuel hedge. And I think those responsible for the calamity were promoted in the Swire organization, and got their bonuses paid, etc.
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Old 25th Apr 2019, 03:55
  #233 (permalink)  
 
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Promotions. Bonuses? Ah, Bristow...

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Old 25th Apr 2019, 07:41
  #234 (permalink)  
 
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That looks suspiciously like the Falklands Pantsonfire
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Old 25th Apr 2019, 08:18
  #235 (permalink)  
 
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Originally Posted by [email protected] View Post
That looks suspiciously like the Falklands Pantsonfire
Yes it is...
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Old 25th Apr 2019, 17:35
  #236 (permalink)  
 
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https://www.ainonline.com/aviation-n...oposed-bristow

New Director Slate, Management Proposed for Bristow

by Mark Huber
- April 24, 2019, 10:03 PMWisconsin-based Global Value Investment Corp. (GVIC) continued its assault on Bristow Group’s directors and senior managers on April 24. GVIC filed a proxy statement with the U.S. Securities and Exchange Commission (SEC) that stated that it intended to nominate a new slate of directors at the heavily indebted helicopter services company’s next annual shareholders’ meeting, which has yet to be scheduled. GVIC maintains that Bristow’s current leadership is defective and that its anticipated future bankruptcy filing would be ill-advised. “Bristow’s current directors have overseen a remarkable destruction of value,” said GVIC CEO Jeffrey Geygan. “Improvements at Bristow are long overdue.”

The proposed slate of four directors includes Sten Gustafson, the former CEO of helicopter services company Era Group and a former director at CHC Helicopter. Gustafson, who is also an international law attorney, assisted with founding a private helicopter service in Saudi Arabia. During his tenure at Era from 2017 to 2018, Gustafson financially de-levered that company while generating record quarterly revenues. The other three proposed directors include GVIC CEO Geygan; Anthony Gray, an attorney who led helicopter maker Sikorsky’s global compliance office from 2010 to 2013; and Jonathan Meretsky, an attorney who has served as managing director at Canada’s Merit House investment firm since 2009 and is an expert on “ocean-tech” as it relates to the global oil and gas industry. Meretsky currently owns 65,602 shares of Bristow while GVIC controls 245,940 shares. The combined position amounts to approximately one percent of Bristow’s shares outstanding. GVIC took its position in Bristow in June 2017 at prices between $7 to $8 per share. Bristow had traded as high as $80 per share in 2014. Its stock is now trading in the range of 50 cents per share after trading as high as $18 per share in May 2018. Earlier this month the credit rating agency Moody’s downgraded Bristow’s debt rating to Caa3—very high credit risk.

In its filing Wednesday with the SEC, GVIC noted that Bristow’s leadership had made a “chain of bad decisions” including the “inexplicably expensive financing package” proposed for the aborted $560 million acquisition of Columbia Helicopters late last year. “GVIC believes recent events represent the culmination of years of mismanagement, poor strategic decisions, weak oversight, and reckless execution by Bristow’s board. It is GVIC’s opinion that the board has been entirely ineffective in delivering value to shareholders and has repeatedly neglected its core duty—to protect shareholders’ interests. It has overseen the severe deterioration of Bristow’s financial and operational position over several years and in the process threatened permanent impairment to Bristow’s shareholders, bondholders, employees, customers, vendors, partners, and the company’s reputation as a preeminent provider of industrial aviation services,” the company wrote in its SEC filing. GVIC again criticized the promotion of L. Don Miller from Bristow chief financial officer (CFO) to CEO on March 1, calling it a “testament to the poor business judgment and sense of timing demonstrated by Bristow’s directors.” GVIC alleges that Miller was “intimately involved in Bristow’s failed financial undertakings.”

Those included the acquisition of fixed-wing operators Eastern Airways and Airnorth, maintaining a large equity position in Brazilian operator Lider Aviacao, and failing to make timely disposal of fallow assets such as Bristow’s current fleet of 16 parked Airbus H225 class heavy helicopters, including two that are SAR provisioned.

In an interview with AIN on Wednesday, GVIC senior executives, including Jeffrey Geygan, said Bristow could cut debt and improve operating performance “outside of bankruptcy,” pointing out that the company still has $900 million in assets and roughly $202 million in cash or cash equivalents against debts of $1.4 billion. “Among the [Bristow] equity and debt holders that we have spoken with about the state of Bristow’s finances, there is a strong belief and consensus that this company can be rehabilitated outside of Chapter 11 [bankruptcy].” Geygan said that included helicopter leasing companies who are “not eager” to take Bristow helicopters back. He said the view was echoed by senior industry executives that GVIC has spoken to outside of Bristow.

Bristow could raise additional cash quickly by disposing of underperforming assets, according to GVIC vice president James Geygan. “These assets would have significant value in the hands of the correct strategic operator,” James Geygan said, adding that certain equity investors in Bristow had made written offers of additional operating capital.
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Old 9th May 2019, 13:18
  #237 (permalink)  
 
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https://www.bizjournals.com/houston/...llions-of.html

so dont pay a 12 million dollar loan repayment pay yourself 2 million dollars instead.

This is the full filling Changes director pay from shares to cash, large cash retainers, delays 20 odd ec175s and forecasts all debt as short term.

https://www.streetinsider.com/SEC+Fi.../15466515.html

certainly makes all the pay freezes worth while......

Last edited by lowfat; 9th May 2019 at 14:16.
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Old 9th May 2019, 13:59
  #238 (permalink)  
 
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As was forecasted.
https://www.helis.com/database/news/nyse-bristow-stock/
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Old 9th May 2019, 14:03
  #239 (permalink)  
 
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Here's the same article without having to sign up to read it all: https://www.bizjournals.com/houston/news/2019/05/08/struggling-helicopter-co-issues-millions-of.html?ana=yahoo&yptr=yahoo
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Old 9th May 2019, 15:24
  #240 (permalink)  
 
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It’s so absurd they just might just get away with it.

Interestingly it’s not just those 4, 5 others got a retention payment too so that’s likely to be another few mil from the dwindling fire.

Surely those payments should have been made after the year was out?

Must stick in the throats of some of the workforce who have lost $1000s with the share collapse.

Investments can go up as well as down of course (unless you are in the BRS senior management team, then everything is on the up!!)
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